Down -13.17% in 4 Weeks, Here's Why Cadence (CDNS) Looks Ripe for a Turnaround

Core Viewpoint - Cadence Design Systems (CDNS) has experienced significant selling pressure, resulting in a 13.2% decline in stock price over the past four weeks, but analysts anticipate better earnings than previously predicted, indicating potential for recovery [1]. Group 1: Stock Performance and Indicators - CDNS is currently in oversold territory with an RSI reading of 28.22, suggesting that the stock may be nearing a reversal point [4]. - The consensus EPS estimate for CDNS has increased by 0.1% over the last 30 days, indicating a positive trend in earnings estimates which typically correlates with price appreciation [4]. Group 2: Analyst Ratings and Market Position - CDNS holds a Zacks Rank 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks based on earnings estimate revisions and EPS surprises, further supporting the potential for a turnaround [5].